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Students in search of quick cash as they return to university are being warned not to unwittingly launder money for criminal gangs on social media.

Experts say thousands of students are at risk of becoming embroiled in bank transfer fraud, Britain’s fastest growing crime, which resulted in £236m being stolen last year, according to figures from the banks’ trade body.

Last year there were 8,652 cases of people aged 18‑24 acting as “money mules”, according to Cifas, the fraud database.

Money mules allow their bank accounts to be used by fraudsters to launder funds stolen in bank transfer scams. The criminals use various methods to steal the money in the first place. They may pose as used car salesmen,...